BEIJING, Aug 9, 2021, FT. Beijing’s regulatory attack on China’s tech industry has robbed the sector’s wealthiest net worth of $ 87 billion since early July, damaging the wealth of influential people such as Tencent’s Pony Ma and Pinduoduo’s Colin Huang. rice field, Financial Times reported.
According to Financial Times calculations, Bloomberg’s 20 Chinese billionaires’ net worth of technology and biotechnology that they are tracking have been 16 since the ride-haling platform Didi Chuxing was launched in the United States at the end of June. % Decreased.
The $ 4.4 billion list launched by the company Despite personal warning A major regulatory fire continued from Chinese authorities to delay it due to data security concerns. Beijing is striving to step up its efforts in industries that have contributed to the transformation of the world’s second-largest economy, with the stock price of China’s largest technology group plummeting.
Huang, founder E-commerce site PinduoduoHas been worst affected by a paper loss of $ 15.6 billion, or one-third of his wealth. Pony Ma, the founder of internet group Tencent, has lost more than $ 12 billion, or 22 percent of his wealth. He is currently ranked as the third wealthiest person in China after Jack Ma, the founder of rival Alibaba.
Jack Ma’s fortune fell $ 2.6 billion over the same period, but has fallen nearly $ 13 billion since authorities abolished the initial public offering of Ant Group, a financial technology platform he manages in November. increase.
The founders of the country’s leading tutoring company have seen their wealth beaten by China’s announcement last month that the group must be restructured to become a non-profit organization. Yu Minhong, founder of New Oriental Education, has seen a 12% stake in a tutoring company depreciate. $ 3 billion to just $ 500 million..
In contrast, billionaires operating in sectors where investors are considered low-risk or Beijing-backed have gained momentum in recent weeks.
“We have seen a restructuring of wealth creation,” said Rupert Hoogewerf, who has documented the rise of Chinese millionaires in recent decades by research firm Hurun Report.
He added that China has more than 100 billion billionaires, doubling from five years ago thanks to the surge in successful tech groups. But after the recent surge in regulatory action, “smart entrepreneurs are shifting focus.”
Some of the benefits Mutsuyama, Bottled Water Empire Farmer Nongfu Spring Head, Overtaken Jack Ma and Jack Ma As the wealthiest person in China last year. Its assets are just over $ 72 billion, an increase of about $ 5 billion since the end of June. He is about $ 24 billion wealthier than Jack Ma.
China’s nine wealthiest auto industry tycoons were boosted by the country’s top leaders expressing their support Sector Because it focuses on electric vehicles. They have added $ 22 billion to their total net worth since July. Berkshire Hathaway-backed automaker and battery pioneer BYD chairman Wang Chuanfu’s wealth has grown $ 4.4 billion to over $ 25 billion, making him the tenth wealthiest person in the country.
The 8 billion billionaires who dominate the fast-growing renewable energy sector also gained a total net worth of $ 13.6 billion during this period.
Analysts say there is little reason to expect Beijing to soften tech tycoons or weaken support for automakers and renewables in late 2021.
Bruce Pan, head of research at investment bank China Renaissance, said investors and entrepreneurs are paying much more attention to the Communist Party’s policy statement.
He Xi Jinping president in the last month of the speech is to point out the comments aimed at entrepreneurs, “behavior and thinking analysis of the party, judgment, decision-making, must be consistent with the plan,” he said.
“That is, businesses and entrepreneurs need to be careful. [the party’s] Comments and movements, “Pan said.